The Health Insurance Marketplace is coming soon! Have you been all set to go shopping? The mandate requiring most individuals to get health insurance goes into influence on January 1, 2014 and the Marketplace is likely to be up and running on October 1, 2013. After March 31, 2014 those who haven’t purchased health insurance must wait before enrollment period for the next year.
The Affordable Care Act (ACA) has already provided benefits such as for instance you can forget limitations on pre-existing conditions, free services such as for instance vaccinations for children and birth control, and allowing young people to stay on their parents’health insurance plans until age 26.
But what if you’re under 30 and healthy? Can you should find health insurance? What the law states is very clear: If you don’t purchase health insurance you’ll pay a fee: $95 the very first year per person but should go around 2.5% of household income or $695 per person in 2016, whichever is higher.
Those implementing the ACA have valid concerns that healthy individuals may choose to skip insurance and just pay the fee. Although it’s tempting, you will find risks involved and you will find approaches to minimize the expense of your quality of life insurance so that you benefit.
An option for those under 30 is catastrophic insurance, high deductible or “consumer-directed” insurance plans best health insurance in colorado. These have lower monthly premiums and will include 3 well visits per year and free preventive care. Why look at this at all? These plans provide a security net for an unexpected serious injury or illness. If you don’t purchase health insurance you pay the fine along with any healthcare expenses you incur, which may be steep. A hospital stay because of an incident can run as high as $30,000 and medical costs are a primary reason for bankruptcies. Deductibles might be as high as $6,400 for individuals but Health Savings Accounts (HSAs) can save pre-tax dollars and then be used for deductibles or wellness/informational tests.
With direct access lab testing facilities and HSAs to fill the gap, you can be proactive and make a move you could have never done before: Get out and get the tests you would like that meet your needs. HSAs may be used for informational tests that you may want to incorporate on to offer baseline data for future reference or track potential or current health conditions that you understand might cause you problems down the road. If you decide to go with a top deductible or consumer-directed plan, you must develop into a smart healthcare shopper when selecting tests and services, and definitely not go together with your doctor’s lab.
If you are healthy and over 30, the Marketplace provides 4 options with varying premiums and deductibles. When choosing your quality of life plan look at your current health. If you don’t require many doctors’visits, a high deductible plan might be right for you personally, but if you or a member of family has any medical challenges, the high deductible plan may cost you more in the long run.